NetJets 2nd Qtr Earnings

[jonjuan]

You forgot to mention:

1) 70% market share. That's a big number chief.

Source? And no, not Captain Dad's "source.".

Thanks Geronimo.

 

[OPECJet]

Thanks for the link. Even though this is not a popular take of Sokol, I'm gonna say it anyway. I LIKE THE GUY! I know he was the axe-man at Netjets (and I AM one of the 495), but I think he did what needed to be done. Don't think he is a total genius for what he did, because I do think the ship would have been partially righted on its own, and that most of our loss was aircraft buy-backs for writedowns, but he did cut out alot of the FAT.

Nothing personal, but where'd you find the Kool Aid?

 

[FLYLOW22]

So will Sokol have any official position or power after he replaces himself as CEO? If I remember correctly, he has stayed on as Chairman of the Board at several other companies he has righted and has therefore been able to continue pulling quite a few strings. I don't think there is a board of directors for NetJets so I don't know how he will keep his hands on the strings. My guess is the CEO will be whoever he thinks will follow his philosophy the most closely.

BOD = Berkshire.

 

[FLYLOW22]

Source? And no, not Captain Dad's "source.".

Thanks Geronimo.

Post 67.

 

[gret]

Directors must be individuals.

Sokol already is the Chairman of the Board.

 

[RP170]

Ha. Yes... in that you can see:

1) Standing by contract commitments with Berkshire money.
2) Mission accomplished for "Mr. Fix it."
3) Something else materializing that isn't for me to comment on yet.

You forgot to mention:

1) 70% market share. That's a big number chief.
2) Several haters who were ushered off the property who can't help but take shots to feel better about their own failures.
3) Stabilized numbers showing positive trends tied to the GDP.

Not such great news there. The GDP is shrinking again.

 

[FLYLOW22]

Not such great news there. The GDP is shrinking again.

It'll do what it'll do.

Oh well. Almost everyone is tied to the GDP in this biz.

 

[NJAowner]

I wish I flew with the company DS speaks of in this interview and in the quarterly reports to owners. Quite frankly -- this interview pisses me off. Years ago, I knew and was very confident that WB and his family and others at BH flew just like me - same a/c, same catering, same service, same delays. We were treated equally. I know for sure they do not deal with what I deal with. Yes we just have a "measley 125 hours". Like sevreal have you said (other than very safe pilots). I have made my feeling known to NJ and new management -- yes. Have I had any response -- NO!!!

PS -- do not buy into the fact that NJ stood behind its repurchase obligations. If you saw the prices they paid you would laugh for a real long time. But if you are an owner and do not want to litigate against NJ and BH you do not have much choice than to accept the number. Plus you still need to pay the monthly management fee during the process unless you ultimately prevail. If you think your share is worth $1MM and NJ says $600k and you need to fork over $200k per year during the term of the litigation (assuming you don't fly -- approx. 2x if you do), you are not inclined to fight. And they know that.

 

[gret]

This is really sad as you have been a pretty good pro-NetJet client in the past.

In times of mgmt turnover, it is usually the customer who suffers and it only take 5 minutes to burn many months of hard work in building a solid relationship.

One does have to question the remarkable numbers they are turning in such a short time and with really no improvement in the overall aviaiton industry. I'm not saying they aren't real, but I simply don't know how things could get this much better in such a short amount of time. It had to come out of somebody's hide.

 

[Xcorporate]

So they treat owners as badly as they treat furloughed scum? Wow.

 

[FLYLOW22]

So they treat owners as badly as they treat furloughed scum? Wow.

Flight info alert!

I've been nothing but busy. The Owners have been happy.

Sorry... No drama here.

What goes on in sales/accounting/ etc.... Who can say.

 

[OPECJet]

Flight info alert!

I've been nothing but busy. The Owners have been happy.

Sorry... No drama here.

What goes on in sales/accounting/ etc.... Who can say.

NJAOwner brought out some points I'm sure none of us are happy to hear. I'm sure you're giving 120% to the owners you fly, as are most crews. The question is whether the remainder of the company is doing so as well. The pilots alone can't shoulder the entire responsibility of owner satisfaction, just the time they spend with us (or you).

 

[NJAowner]

I believe that the pilots are giving 120%. I believe that most other departments are giving 120%. But I know in the past year several heads are no longer on my OS team and my OS team has become responsible for significantly more owners in the name of efficiency. So what happens when I put in a flight request -- they get many other calls -- and it takes 2 or 3 revisions to get it right and the turn around time may be hours. Earlier today I called twice about an upcoming flight and waited 2 minutes on hold each time listening to the recording about how valued I am and to wait for the next available representative. That is now common. Until recently I think the last time I was on hold like that was the Blizzard of Feb 2003 (or was it 2004) when they were in full scramble mode (and we understood that). Wait times like that may be acceptable for cusotmer service at Geico but not at NJ. But then again, if waiting 15 minutes save me 15% on my NJ fees I may think about staying on hold.

 

[rajflyboy]

NJAOwner brought out some points I'm sure none of us are happy to hear. I'm sure you're giving 120% to the owners you fly, as are most crews. The question is whether the remainder of the company is doing so as well. The pilots alone can't shoulder the entire responsibility of owner satisfaction, just the time they spend with us (or you).

I think you are on to something here.

 

[FLYLOW22]

Still have to beg to differ here though...

Pilots are usually the first to hear about Owner frustrations as they see us more than any other employee of NetJets. Owners expect us to provide feedback to the company, and we do.

I've flown some pretty happy Owners for some time now. I think most don't really care about the changes to the company. Little wrinkles like 2 minute holds will work themselves out over time with feedback.

In fact, the last time I flew Owners on a consistent basis that were not happy was back in 2004. Most of the managers who knew why that was are gone now.

I would hope that any Owner not feeling that their NetJets experience was up to par would voice their concerns. We all encourage it. The Owners are why we are here. Period.

Again, I just don't see unhappy people in the back. They are thrilled that they own, they are thrilled they are not on an airline, they are thrilled to be on a QS tail.

I know that's not the response some were looking for but it's my observation.